How Technology is Reshaping Retail Industry
The invasion of technology is welcomed in both personal as well as professional lives, especially in business to make life easier for both, customers and owners.BY Nibedita Mohanta | Jul 22, 2017 | comments ( 0 ) |
As we are heading towards the future generation, technology seems to shape our life. We have become more dependent on electricity and gadgets that we are on air or water.
The invasion of technology is welcomed in both personal as well as professional lives, especially in business to make life easier for both, customers and owners.
The Indian retail industry accounts for over 10 per cent of the country’s Gross Domestic Product (GDP) and around 8 per cent of the employment. India is the world’s fifth-largest global destination in the retail space.
India’s retail market is expected to nearly double to US$ 1 trillion by 2020 from US$ 600 billion in 2015, driven by income growth, urbanisation and attitudinal shifts. While the overall retail market is expected to grow at 12 per cent per annum, modern trade would expand twice as fast at 20 per cent per annum and traditional trade at 10 per cent.
India’s Business to Business (B2B) e-commerce market is expected to reach US$ 700 billion by 2020. Online retail is expected to be at par with the physical stores in the next five years.
The Indian fashion accessories segment, the market was worth around US$ 3 billion in 2013 and is expected to grow at a CAGR of 12 percent touching US$ 6 billion by 2019.
Here are a few technologies, which is reshaping retail business:
The tiny black lines on the covers of items, we buy from stores and super markets. These barcodes are the electronic lines, which carry the unique identification number, each and every information of the product hidden in it.
To avoid thefts, duplication and misplacement of the products, the manufacturing companies label them. These barcodes hold the power to protect the company from getting legally sued by duplicate or adultered products.
2. Use of Debit and Credit Cards:
Post the declaration of demonetization, almost everyone has tasted the bitter syrup of cash crunch, at the same time debit/credit cards had come as saviors.
The credit/debit card transactions have become easy. The risk of carrying heavy cash and the tension of getting looted or pick pocketed have been erased. Moreover it has definitely reduced the time of counting notes and calculations for the customers as well as the retail store owners.
There is no other thing, which has been proved as boon to businessmen than the introduction of e-commerce in business.
E-commerce has made the business run 24*7; made globally reachable, promote business to large mass audience, able to serve the customers of remote areas.
Basically e-commerce has made the business grow to multiple folds at one go, without being physically present.
Introduction of robotics has reduced the load of the retail owners by cutting the costs, man power.
It has made the owners be able to produce the products more accurate, in less time, more in numbers as the robots do not take breaks and has lessened the wastage.
As per the reports, in 2017, we are bound to see use of robots in retail expand beyond the supply chain, and perhaps into aisles and checkout counters of brick-and-mortar stores, and maybe even into home delivery.
5. Social Media:
Social media has given a new shape and size to the advertisement and marketing of any product or service of the retail market.
The engagement of people through social media is more; it provides business opportunities, feedbacks, publicity and everything in between.
The advertisements turn the way customers look at the products or services, making the marketing easy and thus the profits are earned, alongside providing enough space for the innovations and acceptance of other things in the business.
Gadget sales rise online
Ability to research better, price discounts and cash on delivery are some factors that are driving